Strong export growth from surging wellness F&B and swiftlet nest demand. Led by Edwin Pranata as owner and CEO, PT Abadi Lestari Indonesia Tbk. (RLCO), one of Indonesia’s leading bird nest  processors and exporters, is set to enjoy 3-year topline CAGR (2024–2027F) of 21.5%, supported by continued solid overseas markets with favorable industry dynamics. Since 2016, RLCO has started to export semi-processed bird nest products under three brands: Lion Nest, Jade Nest, and Crystal Nest in three modern production facilities at Bojonegoro, East Java, ensuring scalability and strict quality control. Today, Indonesia supplies ~58% of the world’s swiftlet nests (figure 46) with more than 85% of aggregate export demand directed to China and Hong Kong, backed by rapidly increasing bird nest consumption trend from young up-market Chinese consumers as well as rising global health awareness. These positive support factors have resulted in Indonesia’s swiftlet nest exports having grown at 10-year CAGR of +15.7%.

 

Bird-nest-related consumer goods products to drive local & export markets. Domestically, growth in Indonesia’s health-focused F&B sector bodes well for RLCO as food supplements market was valued at USD 3.24bn in 2024, before further growing to USD 4.72bn by 2030F. Therefore, we expect RLCO’s consumer goods products, currently just at 15.9% of total revenues (figure 12), to grow rapidly going forward through its well-known brands such as Realfood and Momiku. Growth in RTD, RTE, and Powdered Drinks has also be secured by the management’s continued products diversification to include jelly, chicken broth, collagen, and other natural protein-based innovations. In 5M25, greater development of RLCO’s consumer products division had boosted YoY revenue growth to IDR 231bn or +48%, helped by new export market penetration to Thailand in 4Q25. Looking ahead, overall revenue growth will also be enhanced by the company’s plan to go into the Vietnam market starting in 2026F, before further extending its export reach to the US and the Phillipines.

 

820% price upside stemming from potential Big Cap MSCI Indonesia inclusion. In terms of earnings, RLCO is on track to beat our 2025F net profit estimate by c.15%, which should bode well towards the stock’s sentiment. Based on our calculation, assuming adj-market cap augmentation to IDR 5.5tn or IDR 8,800/share, RLCO could potentially qualify for inclusion in MSCI Small Cap Index. However, we set our TP at IDR 80,000/share (+820% upside potential), in line with our RLCO’s post-entry into the MSCI Large Cap Index with adj-market capitalization of IDR 50.1tn. Spec-Buy. Key risk to our call: MSCI inclusion delays applying downward pressure on stock price movements.